Section 24 in Tamil Nadu Societies Registration Act, 1975
24. Investment of Funds.
- A registered society may, to such extent and under such conditions as may be permitted by its by-laws, from time to time, invest or deposit any portion of its funds not immediately required,-(1)upon immovable properties ; or(2)in securities of the Government or in National Savings Certificates or other securities of the Government of India ;(3)in the Post-Office Savings Bank Account; or(4)in a special account opened by the registered society for the purpose in a-(a)corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970); or(b)society registered or deemed to be registered under the Tamil Nadu Co-operative Societies Act, 1961 (Tamil Nadu Act 53 of 1961), the primary object or principal business of which is the transaction of banking business ; or(5)in such other mode of investment as may be prescribed.
